Summary Box: CBS 3Q profit up, ad revenue flat

AP News
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Posted: Nov 03, 2011 5:59 PM
Summary Box: CBS 3Q profit up, ad revenue flat

ONLINE TO THE RESCUE: Broadcasting company CBS Corp. says third-quarter net income rose 7 percent, helped by new online streaming deals.

MIXED EXPECTATIONS: Earnings of 50 cents per share beat the 46 cents expected by analysts. Revenue grew 2 percent to $3.37 billion, below the $3.44 billion analysts were looking for.

THE ADVERTISING PICTURE: CBS said ad revenue growth in prime time at its CBS network and at outdoor billboards made up for a drop in political spending. Excluding political ads, CBS said local ad revenue was up in the third quarter and was increasing at the same pace so far in the current quarter.